TotalEnergies, AMNI take FID on Ima gas field to supply NLNG
TotalEnergies and its Nigerian partner AMNI have taken a final investment decision (FID) to develop the Ima gas field, set to supply about a third of the gas needed for the $10 billion Train 7 project.
Total, T&T target 2031 start-up for Vietnam LNG power project
TotalEnergies and Vietnam’s T&T Energy Group have agreed to establish a consortium to finance, build and operate the 1.5 GW Long Son LNG-fired power project in Ho Chi Minh City with a view to get the 1.5 GW plant into commercial operations by 2031.
Total, Eni approve Cyprus gas project tied to Egypt LNG route
TotalEnergies and Eni have approved development of the Cronos gas field offshore Cyprus, a project that will route gas through Egypt’s LNG export infrastructure with first production expected in 2028.
ADNOC takes $6.2bn FID
ADNOC has taken a $6.2 billion final investment decision on the Umm Shaif Gas Cap project in Abu Dhabi with partners TotalEnergies, Eni and CNPC. The project will unlock more than 600 million standard cubic feet per day of gas and associated liquids by 2030, or nearly 10% of current UAE gas consumption. It also builds on ADNOC’s launch of a global LNG marketing and trading platform in Abu Dhabi Global Market (ADGM), which is targeting 47mtpa of combined marketable LNG capacity by 2035.
Total expects higher Q2 profit, except for LNG
French oil major TotalEnergies expects all its division to post higher second quarter profits, except LNG, where earnings will fall sharply, with the company blaming “an underperformance in gas trading in a broadly flat to declining European [gas] market.” JP Morgan analysts noted TotalEnergies’ rivals in the UK fared better on LNG trading, indicating Total management might decide to increase its share buyback to $2 billion, from the earlier announced $1.5 billion.
Qatar delays start of LNG expansion to end-2026
QatarEnergy has pushed back the start of its LNG expansion project from mid- to late-2026. Any delay is, however, tightly constrained by long‑term offtake contracts that bind when LNG deliveries have to begin.
Santos eyes $27 billion Papua LNG funding mix with heavy debt
Australian oil giant Santos is targeting a roughly US$27 billion capital spend for its integrated Papua LNG–PNG LNG expansion hub in Papua New Guinea, with up to three-fifths to be covered by debt finance.
Total requests Moz’ LNG extension
TotalEnergies has requested a 10-year extension to its Mozambique LNG concession, citing a $4.5 billion rise in project costs. The French energy giant now estimates the project’s total cost at $24.5 billion, up from $20 billion, as it prepares to restart operations suspended in 2021 after militant attacks in Cabo Delgado province. CEO Patrick Pouyanné said the four-year delay under force majeure significantly affected cost and timelines.
Oil majors' fresh focus on upstream bolsters cash flows
Unfavourable market conditions for renewables and other low-carbon energy sources have prompted Shell, BP, TotalEnergies and Eni to bolster their core upstream operations. Reserve replacement should support future cash flows, Fitch Ratings reckons.
Middle East LNG export ambitions require over $50 billion in CAPEX
By 2028, the Middle East envisages to add 60 mtpa of new LNG export capacity and developments will require more than $50 billion in capital spending, Rystad Energy forecasts. Qatar will lead the expansion with 48 mtpa alone through its North Field East and North Field South projects, the UAE will contribute 10 mtpa from the Ruwais LNG project, and TotalEnergies is developing the Marsa LNG project with a capacity of 1 mtpa in Oman.
